Presented below is the condensed balance sheet of the partnership of Aballa, Baligod, and Cabasag who share profits and losses in the ratio of 6:3:1, respectively: Cash P276,250 Liabilities 1,348,750 Aballa, capital Baligod, capital Cabasag, capital P260,000 Other assets 819,000 409,500 136,500 P1,625,000 Total P1,625,000 Total The partner agree to sell Dalisay 20% of their respective capital and profit and loss interest for a total payment of P292,500. The payment by Dalisay is to be made directly to the individual partners. The capital balance of Aballa Baligod, and Cabasag respectively after admission of Dalisay are:

Presented below is the condensed balance sheet of the partnership of Aballa, Baligod, and Cabasag who share profits and losses in the ratio of 6:3:1, respectively: Cash P276,250 Liabilities 1,348,750 Aballa, capital Baligod, capital Cabasag, capital P260,000 Other assets 819,000 409,500 136,500 P1,625,000 Total P1,625,000 Total The partner agree to sell Dalisay 20% of their respective capital and profit and loss interest for a total payment of P292,500. The payment by Dalisay is to be made directly to the individual partners. The capital balance of Aballa Baligod, and Cabasag respectively after admission of Dalisay are:

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...

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